Marketing Research
The scope of market research includes assessment of the market’s size and market shares of major players, as well as distribution structure, competitor and legal environment analysis. It informs the process of business planning and strategic decisions related to business expansion and business strategy redefinition.
Knowledge of the customer and the product and its strengths and key selling points is crucial to taking strategic action at a company. Any such action requires the contribution and support of the marketing department. Marketing, in turn, needs customer feedback, which can be provided by marketing research. Thanks to Voice of Customer analyses, one can make decisions and take actions confident that we have customer needs in mind. Marketing research also enables an assessment of the efficiency of a company’s marketing activities.
Marketing research supplements studies focused on products and functional aspects of products, and the entire product portfolio or service offering. Customers’ decisions are seldom based on analytical comparison of technical parameters of products. A material factor influencing customer behaviour, including their purchasing decisions, is the customer’s perception of a given brand or even of the entire company.
